Time Warner has acquired a 10% stake in Hulu, known as a repository of recently-aired network television programming. The majority of Hulu is owned by Disney, 21st Century Fox and Comcast.
The three will reduce their ownership stakes under the new arrangement, reports MediaPost.
Time Warner is paying $583 million, reports Variety.
The deal comes as Hulu prepares to launch a streaming service in 2017, which could attract those either cutting the cord or millennials who don’t have cable subscriptions.